XRP Suffers Worst Capitulation Since August 2022 as Price Falls to $1.04

The selling pressure on XRP has reached its highest level since August 2022 as investors are now more likely to sell their tokens at a loss than at a profit. According to Glassnode's on-chain data, the 90-day moving average profit/loss ratio for XRP has dropped to 0.33, down from previous levels.

This metric indicates that three out of four transactions involving XRP are resulting in losses, with only one transaction yielding a profit. The current price of $1.04 represents a significant decline from XRP's recent highs, and the on-chain data confirms that many holders are cutting their losses.

Capitulation events can sometimes precede market bottoms, but they also reflect tangible investor losses and continued downside risk for XRP and the broader crypto market. Market participants should closely monitor this metric as it serves as a barometer of fear and selling exhaustion in the XRP market.